Base Case for Bitcoin May be Consolidation, Says Analyst
Dow Jones
Aug 19
0937 ET - Investors hoping to see bitcoin break out of its current range-bound malaise may have to wait until 2027, says Lacie Zhang of Bitget Wallet in a note. She says bitcoin has posted a minor recovery from multi-year lows below $59,000 in June--but the low spot volume trade for the token suggests that investors remain unconvinced that it has posted a near-term bottom. "Confirmation of a durable bottom still requires sustained volume and less fear," says Zhang. CoinMarketCap's "Fear and Greed Index" crossed into neutral territory over the weekend, and remains at a score of 41 out-of 100. Bitcoin is up 0.4% to $64,830, while ethereum rises 1.3% to $1,937 and XRP is up 1% to $1.01.
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